sebi:WTM/SR/CFD/39/08/2016
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Facts / Headnote
Withdrawal not permitted; application for withdrawal of open offer rejected
Provisions invoked
- s. 19
- s. 22
- s. 18
- s. 17
- s. 15(1)
Regulations
- Reg. 13(4)
- Reg. 17
- Reg. 23(1)
- Reg. 23(1)(a)
- Reg. 23(1)(c)
- Reg. 15(1)
- Reg. 27(1)
- Reg. 27(1)(a)
- Reg. 18(4)
- Reg. 23(1)(b)
- Reg. 23(1)(d)
- Reg. 27(1)(b)(c)
Parties
- Shri Lavjibhai Daliya
- Anjani Residency Private Limited
Holding
SEBI did not permit withdrawal of the public offer made by Shri Lavjibhai Daliya and Anjani Residency Private Limited vide Public Announcement dated June 22, 2015 read with Corrigendum dated July 15, 2015 for acquisition of 128,46,744 fully paid up equity shares of Rs.10 each of M/s Jyoti Limited.
Full text
Page 2 of 12 PUBLIC ANNOUNCEMENT OF AN OPEN OFFER FOR ACQUISITION OF 75% EQUITY SHARE CAPITAL OF THE TARGET COMPANY – 2.1 On June 22, 2015, Shri Lavjibhai Daliya and Anjani Residency Private Limited (hereinafter collectively referred to as the “Acquirers”) made a Public Announcement of an Open Offer for acquisition of 128,46,744 fully paid up equity shares of ₹10 each (representing 75% equity share capital of the Target Company) at a price of ₹63 per share (“Open Offer”) in terms of Regulation 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (“Takeover Regulations, 2011”).
Page 3 of 12 2.7 SEBI forwarded the abovementioned representation made by the Target Company to the Lead Manager to the Open Offer i.e. Inga Capital Private Limited (“INGA”) vide e–mail dated July 27, 2015, seeking its comments. A reply dated August 3, 2015, was received from INGA.
Page 4 of 12 2.10.2 Vide an ex parte Interim Order dated September 15, 2015, the Hon’ble BIFR inter alia directed as under –
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Source: SecMarx — sebi:WTM/SR/CFD/39/08/2016. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.